BP predicts higher oil and gas demand, suggesting world will not hit 2050 net zero target | BP

The BP has increased oil and gas demand forecasts, showing that the global net zero target for 2050 will not be met and will emphasize a slowdown in the transition to clean energy.

The closely monitored Outlook report of the energy company estimated that the use of oil will hit 83 million barrels per day in 2050, which an increase of 8% compared to the prediction of the previous 77 million barrels per day.

The current orbit of the energy transition means that natural gas demand can hit 4,806 cubic meters per year in 2050, an increase of 1.6% of 4,729 cubic meters.

BP, until 2050 global net zero targets to meet the decline in oil demand earlier, and until 2055 can fall about 85m barrels per day and about 35m barrels until 2050, he said.

The world is currently consuming about 100 million barrels of oil a day.

BP’s chief economist Spencer Dale added that the war in Ukraine has intensified demands around national energy security.

“For some, it may mean to reduce dependence on imported fossil fuels and accelerate the transition to more electrification reinforced with domestic low carbon energy,” he said. “We can begin to see the emergence of ‘electrostats’.”

However, the report found that it could provide an increasing choice for domestic production instead of imported energy.

The appearance was published as an energy secretary Ed Miliband, looking at the ways that the government can encourage drilling in the North Sea without promising not to give new licenses to new regions of the British marine bed.

Despite the rapid growth in renewable energy, oil is still expected to remain in the next twenty years, at 30% in 2035, and it is expected to remain as the primary global energy supply that just down its current share.

The BP is estimated to increase the primary energy supply in 2023 from 10% to 15% from 10% to 15%, and it is not expected to exceed oil until the end of the BP and the end of the 2040s.

The BP also found that it would be difficult to stay in the 2C carbon budget as long as the energy system remains on its way, the longer the emissions continue to increase ”.

The carbon budget is how much CO2 can spread by humanity while rising to 2C while limiting the global temperature. BP’s modeling found that cumulative carbon emissions in the existing orbit will exceed this limit in the early 2040s. “This increases the risk of increasing the economic and social cost of a long delay period in the 2C budget,” he said.

After leaving green targets in favor of accelerating oil and gas production, BP has attracted anger from environmental campaignists in recent months.

The Green Strategy was determined by the previous General Manager of Bernard Loney, who was appointed by the chair Helge Lund to transform the business into an integrated energy company in 2020. However, the transition weakened with the increase in global oil and gas prices as well as Looney’s shock in 2023.

Looney’s successor Murray Auchincloss, the activist financial risk protection fund Elliott Management’s increasing investor dissatisfaction, has launched a “basic reset” this year after collecting an increasing sense of intermittent share price.

BP’s appearance, wind and solar energy production will meet more than 80% of the increase in electricity demand by 2035, and half of it will occur in China.

The second largest economy in the world is the largest source of carbon dioxide. This week, Beijing announced that it plans to reduce its emissions by 2035 to 7% to 10% of its peaks, but this decrease is far below the 30% segment claimed by some experts.